News Summary

• The rights offering will raise aggregate gross proceeds of C$35,000,000.
• The Rights Offering is fully backstopped by certain existing directors and shareholders of the Company.
• The net proceeds are expected to be used to repay the outstanding 10.875% second lien secured notes issued by the Company’s subsidiary, Calfrac Holdings LP.
• The Redemption will occur on or about December 23, 2025 (the “Redemption Date”) subject to the satisfaction of certain conditions precedent.